ICIEC-Supported Highway Project In Senegal Receives Two Prestigious IFN Awards For Economic Impact

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant insurer within the Islamic Development Bank Group, has announced that a highway project in Senegal, supported by ICIEC, has been honoured with two Islamic Finance News (IFN) Awards. The awards include the IFN Sovereign & Multilateral Deal of the Year 2024 and the IFN Africa Deal of the Year 2024 for Senegal's EUR Tawarruq Financing.

The recognition highlights ICIEC's significant contribution as a guarantor for the Islamic finance tranche in a EUR 259 million Murabaha facility provided by Société Générale. This facility is backed by ICIEC’s non-honoring of a sovereign financial obligation insurance policy. It supports vital road projects in Senegal, such as the Dakar-Tivaouane Highway and Cyrnos-Seven Up Road expansion.

These infrastructure projects are expected to greatly improve Senegal's transport network. By reducing travel times and emissions, they will facilitate smoother movement of goods. This development is anticipated to enhance local communities' quality of life significantly. Additionally, these projects are projected to create numerous job opportunities during both construction and ongoing operations.

ICIEC's commitment to impactful infrastructure is evident through its Takaful cover agreement. This initiative aims to drive economic growth, regional connectivity, and sustainable development in Senegal. The corporation continues to play a pivotal role in supporting socioeconomic progress across Organization of Islamic Cooperation (OIC) countries.

Dr. Khalid Khalafalla, ICIEC’s chief executive, expressed pride over the recognition received for the highway project in Senegal. "We are honored that the highway and road project in Senegal has received these two distinguished IFN awards," he stated. Dr. Khalafalla emphasized that this acknowledgment reaffirms ICIEC’s dedication to providing Sharia-compliant risk mitigation solutions that drive economic transformation.

The awards also highlight the importance of strategic partnerships in promoting sustainable development and improving lives within member states. By leveraging innovative insurance tools, ICIEC remains committed to aiding member states on their path toward prosperity and well-being.

ICIEC continues to act as a catalyst for progress by offering credit enhancement tools that support member states' journeys toward economic resilience. Through these efforts, ICIEC aims to foster long-term prosperity across its member countries.

With inputs from SPA